Case study
Advice business: Prime Advisory
Location: Sydney, NSW
Client base: 1500 clients including retirees and pre-retirees
Age of practice: 20 years+
Selecting a client portal and transitioning clients across is not hard if you plan, communicate, reinforce and commit.
Prime Advisory’s transition to a client portal was prompted by demand from clients for a safer way to transfer documents, and its licensee’s desire to see less information shared over email.
However, the business understood that the wider benefits of client portals made them a compelling customer solution.
“Data security, all documents in the one place, better client experience, streamlined way of doing business – it’s a good story for clients,” said Angus Rodgers, Director Prime Wealth.
Deciding on a client portal
While the business tried to build its own client portal using Salesforce, this proved difficult, so after hearing feedback from other business leaders on what they used, Prime Advisory chose myprosperity.
“We wanted to go with something that had great infrastructure, was set up and ready to go,” said Harrison Cockburn, Head of Operations, Prime Advisory.
myprosperity is owned by HUB24, and this was also attractive to Prime Advisory.
“We prefer to partner with technology providers that have got a solid track record,” said Rodgers. “We like everything that HUB24 is doing.”
He added: “They are innovative, and we think that myprosperity has transitioned into the right hands and its acquisition compliments their existing offering.”
Transitioning clients with a project plan
Prime Advisory has two divisions – Prime Wealth and Prime Accounting – which together looks after more than 1500 clients.
Based in Sydney and with a 20-year history, the advice and accounting practice services a broad range of clients including retirees and pre-retirees which include doctors, lawyers and small businesses, and the total business has advises on approximately $800 million funds under advice.
In a strategy day last July, Prime Advisory decided to onboard myprosperity and implemented a three-month transition plan from October to December, an approach used by the business in other significant operational changes such as moving its CRM to Salesforce and changing modelling software providers.
“We are a dynamic business, open to change and always looking for improvements,” said Rodgers.
In October, an email was sent to all clients notifying them of the change and asking them to download the client portal application. A client portal page was established on its website to make it easy for clients to log on.
The business also committed to starting each annual client review meeting in December with a conversation about the client portal and a prompt to download the app. This is recommended as best practice by myprosperity, and it paid off for the business, as by January, all clients had downloaded the app, and the portal had almost 400 active users.
Conclusion
Prime Advisory is optimistic about the range of benefits the online portal will bring to its clients and business.
While still in implementation phase, the transition is a bit of work, but Rodgers said the business can “see the light at the end of the tunnel”.
Ease of use of the client portal has been a big positive for the business as has using the client app. “It’s very user friendly for all clients,” said Rodgers. Although getting clients to create multi-factor authentication requires a bit more effort, it is regarded as essential for cyber security.
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